Financial News
Stocks close at records on tax cut hopesExternal Link

U.S. benchmark stock indexes all rose on Friday to close at record levels after the Senate adopted a federal budget for next year, a key step on the road to tax cuts. The Dow Jones Industrial Average advanced 164 points to 23326, and was up 2.0% for the week. The Nasdaq Composite Index gained 24 points at 6629. The S&P 500 was up 13 points to 2575, and 0.9% for the week. The Dow and the S&P 500 close out their sixth straight weekly gain, while the Nasdaq notched its fourth straight positive week. This is the longest stretch of weekly gains for the Dow since a seven-week rally that ended in December.

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Fri, 20 Oct 2017 20:02:46 GMT
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Oil up for the session, little changed for the weekExternal Link

Oil settled modestly higher on Friday to end little changed for the week. Prices found some support from data showing a third weekly decline in the number of active U.S. oil rigs. November West Texas Intermediate crude , which expired at the settlement, rose 18 cents, or 0.4%, to finish at $51.47 a barrel on the New York Mercantile Exchange. The contract ended about 2 cents higher for the week. December WTI crude , the new front-month contract, added 33 cents, or 0.6%, at $51.84.

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Fri, 20 Oct 2017 18:47:00 GMT
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Trump indicates Taylor and Powell could be named together to top Fed rolesExternal Link

President Donald Trump identified three candidates he may choose to run the Federal Reserve, as a report said he may name Jerome Powell and John Taylor together, although it's not clear who would be chairman and who would be vice chairman. "Well as you know, I've been seeing a number of people, and most people are saying it's down to two -- Mr. Taylor, Mr. Powell. I also met with Janet Yellen who I like a lot, I really like her a lot. So I have three people I'm looking at, and there are a couple of others," Trump said in a clip from "Mornings with Maria" that aired on Fox Business Network. Asked specifically about Powell and Taylor together, Trump said: "it is in my thinking, and I have a couple of others things in my thinking, but I like talent and they're both very talented people."

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Fri, 20 Oct 2017 18:25:01 GMT
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Wells Fargo fires foreign exchange bankers amid investigation: WSJExternal Link

Wells Fargo on Friday dismissed four foreign exchange-focused bankers on the back of an investigation into its investment banking division, The Wall Street Journal reported, citing people familiar with the matter and the bank. The investigation was carried out by Wells itself as well as regulators, and does not appear to be related to the negative headlines surrounding its sales practices, which were in focus over the summer. The bank's shares were up 2.4% at $55.02 on Friday. Wells Fargo spokesperson Jessica Ong said the bank doesn't comment on personnel matters in detail, but confirmed that Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schauffler are no longer with the firm, while Sara Wardell-Smith has accepted a new position as Americas regional leader in the bank's financial institutions group. The securities division's foreign exchange business will be under the management of Ben Bonner.

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Fri, 20 Oct 2017 17:50:18 GMT
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Gold drops to 2-week low, suffers worst weekly decline in a monthExternal Link

Gold prices settled Friday at a two-week low, with a weekly loss of 1.9% their worst in about a month. Strength in the U.S. dollar and equities, following the Senate's approval of a budget proposal for the next fiscal year, put pressure on dollar-denominated prices for the precious metal. December gold fell $9.50, or 0.7%, to settle at $1,280.50 an ounce-the lowest since Oct. 6, according to FactSet data.

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Fri, 20 Oct 2017 17:49:06 GMT
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